Retail tenants include Anytime Fitness, which just opened its doors at Piccadilly Place last month, as well as Starbucks and Pita Pit.

Wilson Lamont, partner at Ares Management, said: “The market fundamentals in Manchester look increasingly attractive, and we believe Piccadilly Place, which is ideally located next to a major transportation hub and in a high traffic area of the city, is set to benefit from this strategically important and improving location. We see significant potential to make a number of improvements and add value to the property including filling vacant space and improving the management of the properties.”

Ares was advised on the transaction by Property Alliance Group and King Street Commercial.

Alliance will asset manage the buildings on behalf of Ares. Ares and Alliance are also in a joint venture partnership on the Trident business park at Manchester Airport.